This invention relates to interactive wagering systems and methods for providing fixed-odds and pari-mutuel wagering. More particularly, this invention relates to systems and methods for providing conditional fixed-odds and pari-mutuel wagering that enable wagers to be placed automatically in either a fixed-odds book or a pari-mutuel pool.
Wagering on sporting events such as horse, dog, and harness racing is a popular leisure activity. Generally, there are two means to conduct wageringxe2x80x94fixed-odds bookmaking and pooling (i.e. any form of pari-mutuel wagering). The major difference is that the bookmaker effectively competes with the player by negotiating a price and reaching an agreement that fixes the odds for a particular bet (hence, xe2x80x9cfixed oddsxe2x80x9d) while balancing an internal book that attempts to guarantee himself a profit but carries inevitable risk. In pari-mutuel wagering, by contrast, players essentially compete against the other players and the odds are adjusted accordingly until the betting is closed.
Typically, bookmakers accept bets that do not introduce an unreasonable level of risk for them up until the start of the race or even slightly thereafter. However, bookmakers have difficulty managing large transactions late in the process because the bets can upset their book or introduce an unreasonable level of risk for them. This can cause a bookmaker to reject such a bet. Bookmakers can shut their book on a particular race or simply refuse a specific bet for any reason.
In contrast, regulated pools must accept all bets up until a closing time (e.g., post time, two minutes prior to the start of the race, etc.). Typically, the closing time of a regulated pool is at some time prior to the start of the race. Therefore, a player can be closed out of a regulated pool prior to the start of a race.
It is therefore an object of the invention to provide improved interactive wagering systems and methods.
It is a further object of the invention to provide the user with the ability to place a wager in a fixed-odds book or a pari-mutuel pool.
It is a further object of the invention to provide conditional fixed-odds and pari-mutuel wagering.
These and other objects of the invention are accomplished in accordance with the principles of the present invention by providing systems and methods for providing the user with the ability to place a wager in a fixed-odds book or a pari-mutuel pool using an interactive wagering application. For example, the interactive wagering application may provide the user with the ability to select whether to place a wager in a fixed-odds book or a pari-mutuel pool. The interactive wagering application may also provide the user with the ability to select a conditional wagering option.
As part of creating a wager, the interactive wagering application may provide the user with the ability to select whether to place the wager in a fixed-odds book or a pari-mutuel pool. Depending on the user""s selection, the interactive wagering application may submit the wager into the appropriate book or pool.
The present invention may provide a conditional wagering option that may be selected by the user in connection with a fixed-odds wager or a pari-mutuel wager. When the user selects a conditional wagering option, the interactive wagering application may automatically submit the wager to an alternative wager option (e.g., a fixed-odds book or a pari-mutuel pool) if the wager is rejected by the user""s selected wager option.
The present invention may notify the user of the status of the wager that submitted to the user""s selected wager option or to the alternative wager option. For example, the interactive wagering application may notify the user when a wager has been accepted by a fixed-odds book or a pari-mutuel pool, rejected by a fixed-odds book or pari-mutuel pool, accepted by an alternative fixed-odds book or pari-mutuel pool, or rejected by an alternative fixed-odds book or pari-mutuel pool. The user may be notified by information displayed in an overlay, by e-mail, or by any other suitable method.